The tenth edition of the AAA report examines a temporary lull in activism caused by macroeconomic uncertainty while forecasting a strong resurgence during 2023 and into 2024. Although campaign volumes declined during 2022, the report finds that the number of activist funds operating in Europe continued to grow, suggesting increasing pressure would return once financial visibility improved.

During these times of increased economic and geopolitical uncertainty, it is even more important that issuers understand the priorities and expectations of investors and other stakeholders.

Our November Briefing Note will cover a variety of topics including: an introduction to new team member Lewis McMillan, the Autumn Statement 2022; and an update on Qualifying Asset Holding Company Regime

With the macro landscape changing rapidly, transformation of electric utility operating models and capital allocation strategies will be required in order to address pressures on cash flow, balance sheets, returns and equity valuations while delivering on reliability, affordability and energy transition commitments.

Lorenzo Grillo, Managing Director of Alvarez & Marsal’s Disputes and Investigations practice in London, recently joined FSTech’s ‘Cybersecurity Live’ panel of industry-leading experts to discuss how remote working and the cost-of-living crisis is impacting the cyber risk landscape and summarises the main takeaways.

In the non-performing loans arena, secondary deal activity has ramped up significantly due to maturing funds, the need to accelerate business plans, or investors reviewing their risk appetite given macro headwinds. There are several current defining factors influencing this, a boom of regulation to facilitate it, and technology and innovation playing an increasing role in the sector.
Michele Pedrotti, a director in Alvarez & Marsal’s Portfolio Advisory Group in London, recently joined DDC’S 9th edition of the NPL Management Summit in Athens, Greece. The main takeaways of the session are summarised below:

The Netherlands, UK, France, Germany, Italy and Spain have confirmed that they are moving ahead with the implementation of the OECD’s Pillar 2 Model Rules and are targeting an effective date of 1 January 2024 with the undertaxed profits rule to become effective as of 2025.

Alvarez & Marsal Healthcare Industry Group Co-Heads Martin McGahan and Peter Urbanowicz recently discussed financial challenges affecting health systems in an article featured in Healthcare Finance News, "Health Systems Need to Balance Their Service Offerings Against Dwindling Financial Resources."

That is the question. At least it is for remuneration committees considering their approach to executive director salary increases for next year.

How the current energy crisis is likely to result in permanently higher energy costs:
Managing the current crisis is essential for surviving, but understanding the lasting impacts is key for the longer term.
The ongoing global energy crisis since 2021 has been proven quite economically destructive due to its sheer price increase and the speed at which this has happened.

Earlier today, the Investment Association published updated Principles of Remuneration and a letter to remuneration committee chairs setting out their members’ expectations for the 2023 AGM season.

Read our key insights on how retail has been impacted by the economic slowdown and key steps for survival in “Walking a Tightrope: Retailers Grapple With Inflation, Debt and Dwindling Demand”.

Chancellor of the Exchequer Jeremy Hunt addressed the UK parliament at 11:30 this morning to set out a £54 billion plan to cut spending and raise taxes – with the latter contributing around £24 billion of that total.

Trying to predict the tax landscape has become unusually challenging – if not virtually impossible – in recent months. The slew of tax policy U-turns and rising political uncertainty in the UK this year have hampered planning and investment decisions for businesses and individuals

Ron Thompson speaks on a panel about debt restructuring in China at the Debtwire Forum Asia Pacific 2022